Switzerland’s Nestlé Group has reached an agreement on the sale of its dairy business in Turkey to French company Danone, stated a company news brief. The deal is subject to regulatory approval in Turkey.
The transaction involves the transfer of the Gِnen factory and of the Mis brands to Danone. Nestlé will, however, retain the control and maintain a presence in the dairy market in Turkey through one of its key strategic brands, Nesquik, and through Nestlé Cocuk growing up milk, both in ready-to-drink form, to be initially manufactured by Danone for Nestlé.
According to a press release, Nestlé Turkey made this decision in line with the group's objective to achieve profitable long-term growth. The sale of the business will allow Nestlé Turkey to grow faster by focusing its resources on its core categories such as confectionery, culinary, infant nutrition, breakfast cereals, coffee and water. — (menareport.com)
© 2003 Mena Report (www.menareport.com)
